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Best Banks in Idaho

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by Javier Simon Updated

Finding the Best Banks in Idaho

Idaho is home to hundreds of banks, spanning from national organizations to local institutions. But with so many choices, it can be a challenge to find one that’s just right. So to make the process easier, we developed a report on the best banks in Idaho. 

Bank APY Minimum Deposit Highlights
Wells Fargo Wells Fargo logo Read More 0.01% $25
  • Best National Bank
  • Full suite of financial products, including savings accounts and securities like mutual funds
D.L. Evans Bank D.L. Evans Bank logo Read More 0.05% $100
  • Best Regional Bank 
  • Strong ties to the community
U.S. Bank U.S. Bank logo Read More 0.01% $25
  • Best Customer Service
  • Extensive mobile banking features
KeyBank National Association KeyBank National Association logo Read More 0% $10
  • Best Free Checking Account
  • Full suite of banking, investing and lending options
KeyBank National Association KeyBank National Association logo Read More 0.01% $10
  • Best in Tech
  • HelloWallet platform gives you suggestions on how to improve your financial wellness
  • Savings account with an APY that climbs as your HelloWallet financial wellness score improves
Ally Bank Ally Bank logo Read More 2.00% $0
  • Best Online High Yield Savings Account
  • Full suite of online banking and investing products
Wells Fargo Wells Fargo logo Read More 0% $10
  • Best for Students
  • Account owners between ages of 17 and 24 pay no monthly service fee

How We Determine the Best Banks in Idaho

We began our research by exploring which banks had the greatest number of branches in Idaho. Afterward, we dug into more specific details. We examined who had the best savings accounts, overall fee structure, customer service, technology and more. The result was a list of the best banks in Idaho. So read on to see why these banks made it. 

Best National Bank: Wells Fargo

Wells Fargo

Wells Fargo stands as one of the largest financial institutions in the country. And Idaho residents have nearly 100 branches to choose from. They also have plenty of financial products at their disposal. From checking to individual retirement accounts (IRA), Wells Fargo has you covered. And its basic products are fairly inexpensive. For instance, you can open a savings account with just $25. And to help you stick to a good savings habit, Wells Fargo will transfer $1 from your checking account into your Way2Save account after each qualifying transaction.

Best Regional Bank: D.L. Evans Bank

EZ Savings Account

D.l. Evans has been serving Idaho communities since 1904, and its commitment to its customers remains today. You can open a savings account with a $100 minimum deposit. And the bank will waive its $3 quarterly fee as long as you maintain that balance. You also get the following free of charge: 

  • Online banking
  • Mobile banking
  • eStatements

In addition, the bank offers various checking accounts, certificates of deposit (CD) accounts and even a health savings account (HSA). The latter can help you save for future medical expenses as you enjoy some unique tax breaks.

Best Customer Service: U.S. Bank

U.S. Bank

Following a recent study by J.D. Power, U.S. Bank emerged as one of the top banks for customer satisfaction. The researchers examined critical aspects of the customer service experience, including conflict resolution, products and fees.

And Idaho residents have access to nearly 100 branches. Plus, you can contact them via phone or email anytime.

Best Free Checking Account: KeyBank

KeyBank Hassle-Free Checking Account

If you’re seeking a basic, no-frills checking account, look no further than KeyBank. It offers a Hassle Free account that truly lives up to its name. You can open one with just $10. And you don’t have to worry about paying a monthly service charge or maintaining a minimum balance.

And you still get access to all of KeyBank’s online and mobile banking features, including its financial wellness platform called HelloWallet. 

Best in Tech: KeyBank

KeyBank Key Active Saver Account

When it comes to online and mobile banking, even some of the biggest players in the industry are sticking to the basics: mobile check deposit, bill pay, money transfer, etc. But KeyBank takes it a step further by giving its customers access to HelloWallet, a platform designed to help people improve their financial wellness.

Here’s how it works. When you log on, the tool gives you a financial wellness score based on factors like account balances, current income and spending habits. It can also help you visualize this through graphs and charts to help you figure out where you can cut back on and more. And it doesn’t limit you to KeyBank products. You can get a glimpse of accounts from multiple financial institutions to get a complete financial picture. And the better you get at managing your finances, the higher your score. It even gives you insights and suggestions on how to improve. In addition, you can create a budget to stick to directly on the platform, which you can access from a compatible smartphone, tablet or desktop computer.

Best Online Savings Account: Ally Bank

Ally Bank
CIT Savings 2.25% APY
Our Rating: 5/5
How we calculated this rating

Idaho houses many banks large and small. But these days, most brick-and-mortar banks aren’t offering the best savings accounts with high APYs. Plus, most banks require you to maintain large minimum balances for the best rates, some of which barely beat the national average. However, online banks tend to pay the best rates these days. And one of the best online high yield savings accounts we’ve examined comes from Ally Bank. Their basic online savings account is anything but. It generates a hefty 2.00% APY, and you can open one with any amount of money you’d like. You also don’t need to maintain any minimum balance. And to make matters better, Ally won’t charge you any monthly maintenance fees. Plus, the bank compounds interest on a daily basis. 

In addition, you can easily put money into your account via mobile check deposit, direct deposit or electronic transfers from other accounts.

Best for Students: Wells Fargo

Wells Fargo Student Checking Account

If you’re a student seeking a simple and inexpensive checking account, Wells Fargo has you covered. In fact, it waives the monthly service fee for students who are between the ages of 17 and 24. And the bank will keep waiving the fee afterward as long as you engage in one of the following: 

  • Make 10 or more posted debit card purchases
  • Establish direct deposit of at least $500
  • Keep a $1,500 minimum daily balance

In addition, account holders get access to all of the bank’s mobile banking features. But if you’re interested in other options, you might want to check out our report on the best savings accounts for kids.

Tips on Improving Your Finances

  • Maintaining yuor financial wellness can be a challenge. But if you’d like some professional assistance, we can point you in the right direction. You can use our SmartAsset financial advisor matching tool. It connects you with up to three financial advisors in your area who specialize in everything from climbing out of debt to preparing for retirement. 
  • Remember that not all financial advisors are equal. And if you’ve never worked with one, you might want to consider a few questions to ask when choosing a financial advisor.
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Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

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Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study